News.... this does not look good...VISIBLE GOLD MINES DRILLS 2.2 G/T OF GOLD OVER 13.5 METRES ATSILIDOR AND PREPARES FOR MAJOR EXPLORATION PROGRAM AT FORMER PRODUCINGJOUTEL PROPERTY
ROUYN-NORANDA, QC, June 16, 2011 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to provide an update on its exploration activities in theAbitibi Greenstone Belt of northwest Quebec where the Company expectsto complete nearly 30,000 metres of drilling during the second half ofthis year on top of the 11,000 metres already drilled to date in 2011.
Joutel Project
Several high priority initial drill targets for the Company's flagshipJoutel Project are being finalized with joint venture partnerAgnico-Eagle Mines Limited (TSX: AEM). A major exploration programwill commence next month at Joutel with drilling scheduled from laterthis summer through the remainder of the year. Visible Gold Mines isthe operator of this project which comprises 800-square kilometres.The large land package includes the former Eagle Ouest and Telbeldeposits which produced a combined 1.1 million ounces of gold at agrade of 6.0 g/t from 1974 to 1993. Approximately 300,000 ounces ofsilver were also recovered at a grade of 1.8 g/t (reference:Agnico-Eagle Mines Ltd, 2011). The Company's drill program, under thedirection of senior geologist Robert Sansfacon, will apply a freshgeological approach to Joutel with the goal of outlining amulti-million ounce system.
"Our geological team has already spent a substantial amount of timereviewing this project given the very extensive and interestinghistorical data available on Joutel," stated Martin Dallaire, VisibleGold Mines' President and CEO. "They are many untested areas of meritand we look forward to making Joutel a key focus of our exploration andcorporate strategy to build shareholder value over the second half ofthe year. We're in a strong cash position with $6.5 million in thetreasury at the moment."
Silidor Project
Visible Gold Mines is pleased to report assay results from the balanceof Phase 1 drilling at its 100%-owned Silidor Gold property just a fewkilometres west of Rouyn-Noranda. A total of 28 holes have beencompleted (8,000 metres) in an effort to define new structuressurrounding the former Silidor Mine, an historical small producer.
Significant assay results for DDH no.11 to 28:
|
| Hole No |
From (m) |
To (m) |
width (m) |
Au (g/t) |
| (11) SI-11-17 |
264.25 |
265.75 |
1.50 |
2.93 |
| (12) SI-11-12 |
114.05 |
115.00 |
0.95 |
4.80 |
| (13) SI-11-11 |
124.85 |
125.95 |
1.10 |
2.34 |
| (14) SI-11-05b |
56.55 |
58.20 |
1.65 |
5.12 |
|
106.95 |
108.45 |
1.50 |
6.06 |
| (15) SI-11-20 |
0.00 |
162.00 |
162.00 |
trace |
| (16) SI-11-22 |
94.20 |
96.00 |
1.80 |
1.08 |
| (17) SI-11-39 |
121.25 |
122.60 |
1.35 |
4.19 |
| (18) SI-11-29 |
302.00 |
303.00 |
1.00 |
0.90 |
| (19) SI-11-24 |
0.00 |
266.35 |
266.35 |
trace |
| (20) SI-11-24b |
0.00 |
310.00 |
310.00 |
trace |
| (21) SI-11-35 |
345.30 |
345.80 |
0.5 |
6.18 |
|
354.75 |
355.63 |
0.88 |
3.15 |
|
439.79 |
440.39 |
0.60 |
3.17 |
| (22) SI-11-33 |
328.22 |
329.22 |
1.0 |
0.73 |
| (23) SI-11-26 |
261.10 |
261.65 |
0.55 |
46.10 |
| (24) SI-11-28 |
369.85 |
371.35 |
1.50 |
1.23 |
|
377.35 |
377.95 |
0.60 |
5.13 |
| (25) SI-11-40 |
429.00 |
430.00 |
1.00 |
3.00 |
| (26) SI-11-41 |
434.70 |
435.70 |
1.00 |
2.25 |
|
577.80 |
579.00 |
1.20 |
2.26 |
| (27) SI-11-23 |
|
|
assays |
pending |
| (28) SI-11-30* |
67.25 |
69.30 |
2.05 |
4.64 |
|
137.00 |
150.5 |
*13.50 |
2.20 |
* Additional drilling will have to be done to determine the truethickness of mineralized zone.
Cadillac/Lucky Break Projects
Assay results are pending for three holes completed at theCadillac/Lucky Break property, approximately one kilometre south ofVantex Resources' Moriss Zone discovery at its Galloway Project inDasserat Township, 30 kilometres west of Rouyn-Noranda. The holes weredrilled to vertical depths of 657 metres, 715 metres and 1,181 metres, respectively. Drilling has moved eastward and one hole has nowbeen completed near Lake Donez in an area with some historical surfacegold showings that has never been previously drilled. It's locatednearly five kilometres southwest of Richmont Mines' Wasamac depositthat contains a NI-43-101 all-category resource of 1.4 million ouncesof gold as reported by Richmont Mines on February 17, 2011.
Visible Gold Mines has an option to earn a 60% interest in theCadillac/Lucky Break projects from Cadillac Mining. The nearly 8,000hectare land package covers more than 20 kilometres of the prolificCadillac Break and is situated in and peripheral to the Noranda basinwhere gold was produced primarily from VMS deposits that include theworld class Horne Mine.
Stadacona Property
An exploration program including definition drilling is slated tocommence by month-end at Visible Gold Mines' Stadacona deposit in thevicinity of Rouyn-Noranda. The Company released an initial NI-43-101resource estimate for Stadacona in April of this year which outlined aninferred resource of 980,000 tonnes grading 5.19 g/t Au.
Qualify Person
This news release was written by Martin Dallaire, P.Eng. President andChief Executive Officer of Visible Gold Mines and approved by RobertSansfaçon, P.Geo in his capacity as a qualified person (QP) under NI43-101.
Quality Control
Visible Gold Mines has implemented and adheres to a strict QualityAssurance/Quality Control for the present drill programs. It includesone mineralized gold standard, one duplicate and one blank for onebatch of samples. Analyses are performed by ALS Chemex, Val-d'Or, orTechni-Lab, Ste-Germaine - Boulé, accredited laboratories.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching forthe next important gold deposit in northwestern Quebec, an areaconsistently ranked as one of the world's best jurisdictions for miningand exploration. Visible Gold Mines is in the midst of a $6.5 million,40,000 metres drill program covering strategic areas in theRouyn-Noranda mining region. The Company has no debt and its currentcash liquidity is approximately $6.5 million.
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of the release.
https://www.newswire.ca/en/releases/archive/June2011/16/c6892.html